Global theranostics market valuation is projected to exceed $20.52 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026
Theranostics are basically characterized as a mixture of diagnostics and drug therapeutics for the enhancement of drug safety, drug restructures effectiveness and development. The amalgamation of advanced diagnostic tests and effective medical drugs has been termed under several names like integrated medicine, Dx/Rx partnering, companion diagnostics, and pharmacodiagnostics.
As per the report, the increasing prevalence of chronic and life-threatening diseases paired with the growing demand for ground-breaking chemotherapeutic treatments linked to the need for enhanced disease detection are factors primarily boosting the global theranostics market. Moreover, the increasing capabilities of clinically adaptable nanomaterials for biological imaging and therapy are projected to further strengthen industry growth. In addition, better partnerships between drug and diagnostics companies are estimated to fuel the global business spectrum over the forecast years. Furthermore, cost reduction and less time required for clinical trials supervised by pharmaceutical segments are factors that will further drive the growth of the global theranostics market.
Based on disease type, the report segments the global theranostics market into cardiovascular diseases, oncology disorders, neurological disorders, and immunological disorders. In terms of disease type, the oncology segment is expected to amass maximum market share in the coming years. The increasing prevalence of chronic diseases like cancer along with theranostics potentials to execute effective cancer care are the significant factors linked to the segment’s development.
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With respect to the technology landscape, the market is segmented into in-situ hybridization, polymerase chain reaction (PCR), sequencing and immunohistochemistry. In 2017, polymerase chain reaction was anticipated to be the leading segment in the global market. The segment’s high market share can be attributed to the strong presence of an evaluate assortment in terms of polymerase chain reaction.
Furthermore, the report provides an in-depth analysis of the global theranostics market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of technology, disease type, regional spectrum, and competitive ranking analysis has also been included in the report. In addition, company profiles of major market contenders have been elaborated in the report and highlighted under the heads of business overview, product benchmarking, financials, and recent developments of market partakers.
The major players operating in the competitive landscape of the global theranostics market comprise of F Hoffman La Roche, GE Healthcare, Thermo Fisher Scientific Inc., Agilent Technologies, Pfizer, Inc., Foundation Medicine, Qiagen NV, and Leica Biosystems Nussloch GmBH among others. The key growth strategies observed in this business space include launching innovative products and teaming up with other market leaders to design new products and meet the rising consumer needs and requirements, thereby augmenting market growth during the predicted timeline.